Welcome to Current Edge, your weekly roundup of energy sector news in India.
TL;DR
1. GREW Solar raised Rs 300 crore to boost solar manufacturing growth, backed by investor & ‘market master’ Vijay Kedia who believes in its long-term value potential.
2. Inox Clean’s renewable arm is acquiring Evergreen Group’s 640 MW hybrid projects as it gears up for an IPO.
3. Dharan Infra-EPC secured a Rs 262 crore solar project in Uttar Pradesh, boosting its stock to the upper circuit amid strong recent gains.
4. ACME Venus Urja won a Rs 3892 crore SBI-funded 400 MW renewable project in Rajasthan, backed by large BESS orders to boost firm power supply.
5. Prozeal Green Energy ordered 1 GWh of battery storage from China’s StarCharge to enhance performance across its solar projects.
GREW Solar raises Rs 300 crore from multiple investors including Vijay Kedia.
GREW Solar, a solar PV manufacturer under the Chiripal Group, has raised Rs 300 crore from a diverse set of investors, including noted market participant Vijay Kedia. The company plans to deploy the capital towards new product development, strengthening technological infrastructure & funding expansion initiatives.
Vijay Kedia gave a statement: “I invest in companies built on integrity, vision and execution strength. GREW Solar embodies these values and is well-positioned to ride India’s renewable energy wave, particularly in solar manufacturing. It has the potential to create long-term value for investors.”
Inox Neo acquires 640 MW wind-solar hybrid portfolio from Evergreen Group.
Inox Clean Energy Ltd's renewable IPP arm, Inox Neo Energies, has inked pacts with Evergreen Group firms, Evergreen Power Mauritius & Evergreen Renewables, to acquire its portfolio of 640 MW wind-solar hybrid projects (in Maharashtra). The projects are being implemented under various special purpose vehicles of the Evergreen Group.
The development comes at a time when Inox Clean is preparing for an initial public offering (IPO).
Dharan Infra-EPC Limited secures contract worth Rs 262 crore.
Real estate & civil contracting company Dharan Infra-EPC, through its wholly-owned subsidiary Dharan Infra Solar, has been awarded a contract worth Rs 262 crore. The contract involves the development of a grid-connected solar power plant in Uttar Pradesh. The company has not disclosed the name of the awarding entity. The project's execution is scheduled to be completed by April 30, 2026, and the revenues and liabilities from the contract will be consolidated into Dharan Infra-EPC Limited's financial statements.
In June 2025, Dharan Infra-EPC entered the renewable energy sector with the incorporation of Dharan Infra Solar.
Shares of Dharan Infra-EPC Ltd (formerly known as KBC Global Ltd), hit a 2% upper circuit to Rs 0.49 per share from its previous closing of Rs 0.48 per share. The company has a market cap of over Rs 250 crore and the stock is up by 44.12% from its 52-week low of Rs 0.34 per share.
ACME Solar secures project funding from SBI.
ACME Venus Urja, a subsidiary of ACME Solar Holdings, has won an order worth Rs 3892 crore for a 400 MW Firm and Dispatchable Renewable Energy (FDRE) Project from the State Bank of India, with repayment spread across 19 years. The FDRE project is being developed in Barmer (Rajasthan) and is contracted with NHPC. The project would entail installing solar and Battery Energy Storage System (BESS) to meet the supply obligations and ensure higher dispatchability as per the Power Purchase Agreement (PPA) conditions.
ACME Solar has also recently placed an order for 2 GWh of BESS with leading global energy system supplier Chuzhou Lishen New Energy Technology Co. Ltd. (based in China). The order will be delivered in phases over the next six to ten months and will be deployed across ACME Solar’s FDRE (Firm & Dispatchable Renewable Energy) and standalone BESS projects, scheduled for commissioning over the next 12 to 18 months.
Prozeal orders 1 GWh of BESS for projects.
Indian solar engineering, procurement and construction (EPC) firm Prozeal Green Energy Limited has ordered 1 GWh of batteries for its projects. StarCharge, a China-based energy solutions provider, will supply its innovative 5 MWh Container Energy Storage Systems across multiple sites operated by Prozeal.
Prozeal Green Energy, a leading player in the Indian energy sector, will use the storage capacity provided to optimize the performance of its existing and future projects across 18 states in India and in Nepal.
Key Takeaways:
India’s renewable energy sector is witnessing strong momentum with significant investments and project wins. These developments highlight rising capital inflows, strategic acquisitions and a focus on battery storage technologies to enable India’s renewable energy growth.
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Stay Energized,
Nimit Arora (Team Kazam)
